Vesper Energy has finalized construction and term loan syndication, representing $592 million in investments, for its 600 MW Hornet Solar project located in Swisher County, Texas.
The project utilizes bifacial PV modules on a single-axis tracking system. Power generated by the project is contracted to four off-take partners through individual PPAs.
“This closing is a testament to the value of our Hornet Solar project and showcases our ability to leverage innovative financial structures to provide the greatest, mutually beneficial value for our partners,” says Robert Scheuermann, Vesper Energy’s CFO.
“We look forward to working with leading investors and lenders as we develop, construct and operate clean energy projects across the United States.”
The project has secured commitments from a group of banking and lending partners, including MUFG Bank, Nord/LB and Santander as coordinating lead arrangers. Societe Generale, BayernLB and KB Kookmin Bank acted as joint lead arrangers. Allied Irish Bank, Associated, Radiance Structured Finance and DZ Bank acted as lenders.
Blattner Energy is constructing the project.
